(Mark your calendars: RealShare Apartments 2011, Oct.20 in Los Angeles)
MONTCLAIR, NJ-In a rare multifamily transaction in Montclair, the 29-unit building at 28 Gates Avenue has been sold for $3.45 million, Gebroe-Hammer Associates, which represented both the buyer and the seller, tells GlobeSt.com exclusively. In addition, the brokerage represented both sides in the $2.225 million sale of a 28-unit apartment building in Union City.
Montclair is considered a high barrier entry market in the state with very few properties coming to market, despite attractive demographics, Ken Uranowitz, Gebroe-Hammer managing director, tells GlobeSt.com.
“Montclair is an extremely desirable area, a transit-oriented community,” says Uranowitz, who with David Jarvis, Gebroe-Hammer executive VP, arranged the sale of the project. Located just one block from Bloomfield Avenue near the Grove Street intersection, the four-story brick building consists of 21 one-bedroom and 8 two-bedroom units.
Uranowitz, however, was already familiar with the property: He had arranged the first sale of the property after 55 years of ownership. “The property was not initially put on the market for sale,” he recalls. “But the seller found another opportunity in South Jersey. They sold this property to raise the equity to buy there.”
The sellers were in the process of renovating the building, including installing state-of-the-art windows, with about 60% of the project completed. “There is an additional value-add opportunity for the units that are not renovated,” he adds.
Legal counsel was provided by Lawrence Slous, Esq., of Ashenfelter Slous McDonough & Trevensen, and Allen Popowitz, Esq., of Brach Eichler, representing the seller and buyer, respectively. Legal representation for the buyer of the Union City building was provided by Jeff Itzkowitz, Esq., of Brach Eichler.
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